美的擬收購德國自動化企業庫卡

A Chinese home-appliance maker is looking to clinch its second big overseas takeover in two months with an offer for Kuka that values the German automation group at 4.6bn.

一家中國家用電器製造商正尋求敲定其兩個月內第二筆大型海外收購交易——對庫卡(Kuka)提出收購要約，對這家德國自動化企業估值46億歐元。

Midea said yesterday that it had offered 115 a share for Kuka, which makes industrial robots used by Audi, BMW and Boeing. The offer is a 60 per cent premium on Kuka’s undisturbed price on February 3, before Midea said that it had raised its stake to 10 per cent.

美的(Midea)昨日表示，對庫卡的要約報價爲每股115歐元。庫卡製造的工業機器人被奧迪(Audi)、寶馬(BMW)和波音(Boeing)所使用。該報價較庫卡2月3日（美的稱增持其股份至10%之前）未受影響時的股價有60%的溢價。

That stake has risen to 13 per cent, and Midea was obliged under German law to make an offer for the rest of the shares because it planned to increase its stake beyond 30 per cent. Kuka said it would review the offer and consider public opinion. A person familiar with the offer said that Midea was “well aware” that Berlin would be wary about a Chinese company taking over a company connected to industrial data.

美的持股已經升至13%。由於美的計劃增持股份至30%以上，根據德國法律，它不得不對庫卡剩餘股份發出收購要約。庫卡稱，將研究該要約，並考慮公衆意見。一名熟悉該要約的人士稱，美的“很清楚”柏林方面會對中國企業收購與工業數據相關的德國企業抱有戒心。

Midea has committed to Kuka’s independence, including its listing and Augsburg headquarters, and keeping the top shareholders in the company. It would not attempt a takeover if its offer was rejected, it added. Midea also ruled out seeking a domination agreement, required in Germany when a buyer seeks to integrate a target and control its cash flow.

美的承諾保持庫卡的獨立性，包括上市狀態及奧格斯堡(Augsburg)總部，並且保留該公司的大股東。美的補充稱，如果其要約被拒絕，它不會企圖發起收購。美的也排除了尋求控制協議的可能。在德國，如果買家尋求整合目標並控制其現金流，需要達成控制協議。

Till Reuter, Kuka chief executive, said this month the South China group had “a very interesting operation”. Kuka had been in contact about automating more than 100 logistics centres, he said, but the relationship was “arm’s length”.

庫卡的首席執行官蒂爾•羅伊特(Till Reuter)本月表示，總部位於中國華南地區的美的擁有“非常有意思的業務”。羅伊特稱，此前庫卡與美的就100多個物流中心的自動化進行洽談，但是兩家公司的關係是保持一定距離的。